ArabFinance: The Egyptian International Pharmaceutical Industries Company (EIPICO) (PHAR) signed a pharmaceutical co-manufacturing agreement with Kazakhstan’s RTA Group, according to the company’s statement filed to the Egyptian Exchange on February 8th.
Under the deal, EIPICO will transfer advanced technology for drug manufacturing to RTA Group, in addition to training its pharmaceutical and technical personnel.
Signing the deal, valued at $35 million (EGP 548.45 million), aims at promoting trade exchange between Egypt and Kazakhstan, and create opportunities for joint investment and industrialization.
EIPICO reported a 35% Year on Year decline in its consolidated net profit in the first nine months of 2020, achieving EGP 339.46 million, compared to EGP 522.19 million in the prior-period year.
EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. It is a manufacturer and exporter of pharmaceuticals and holds license agreements with a group of international pharmaceutical companies to produce their products locally and replace the imported ones.
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